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NEW YORK CITY-A non-traded REIT that will focus on acquisitions in the hospitality sector has launched a capital raise of up to $1 billion. Known as Carey Watermark Investors Inc., it’s a partnership of locally based W.P. Carey and Lake Forest, IL-based Watermark Capital Partners, with Watermark chairman Michael Medzigian serving as CEO and W.P. Carey CEO Trevor Bond serving as chairman.

The offering calls for CWI, headquartered here, to issue up to 100 million shares of common stock at $10 per share and up to 25 million additional shares through its distribution reinvestment plan at $9.50 per share. In the REIT’s prospectus, CWI’s principals say they believe “current dynamics in the lodging industry will create attractive opportunities for us to acquire quality properties at prices below replacement cost.”

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